Pershing Square Activist Presentation Deck

Thoughts on Allergan's Valuation Multiple ► Some analysts have taken Allergan's revised guidance and applied AGN's historical average multiple to arrive at a target price. We believe this analysis is flawed ► We believe AGN's historic multiple priced in several opportunities that will disappear under the revised guidance: Opportunity for substantial SG&A and R&D savings, which are already captured in AGN's revised guidance Potential to reduce AGN's relatively high tax rate, which disappears without a tax inversion partner Premium for potential take-out, which decreases substantially under a "go-it-alone" approach, since few acquirers are willing to engage in hostile transactions 108

View entire presentation